We currently have two operating leases for administrative and research and development office and lab space in San Diego, California and Boston, Massachusetts that expire between July 2031 and May 2033. Under the terms of the operating leases, as each may be amended from time to time, we are required to pay our proportionate share of property taxes, insurance and normal maintenance costs. Both of our leases include renewal options for an additional five years, which were not included in the determination of the right-of-use, or ROU, asset or lease liability as the renewal was not reasonably certain at the inception of the lease. Our Boston lease provided for $1.4 million in reimbursements for allowable tenant improvements and rent credits, which effectively reduced the total lease payments owed. Our San Diego research and development, lab, and principal executive office space lease entered into in January 2025 and amended in June 2025 provides (i) $2.4 million in rent credits, and (ii) a $6.2 million tenant improvement allowance expected to be fully received in the second half of 2026. The leases are also subject to additional variable charges for common area maintenance, property taxes, property insurance and other variable costs. Variable charges were not included in the measurement of our operating lease ROU assets.

Maturities of lease liabilities as of June 30, 2026 are as follows, in thousands:


Year Ending December 31,
2026 (remaining)	$	867
2027		3,658
2028		3,755
2029		3,853
2030		3,954
Thereafter		7,214
Total lease payments		23,301
Less: imputed interest		(7,426	)
Less: tenant improvement allowance reimbursements yet to be received		(1,210	)
Total operating lease liabilities	$	14,665

As of June 30, 2026 and December 31, 2025, the weighted-average discount rate was 12.3% in both periods, and the weighted-average remaining lease term was 6.2 years and 6.4 years, respectively.

Total cash paid for amounts included in the measurement of operating lease liabilities, net of tenant improvement reimbursements, for the three months ended June 30, 2026 and 2025 were $0.3 million and $0.4 million, respectively. Tenant improvement reimbursements, net of cash paid for amounts included in the measurement of operating lease liabilities, was $3.0 million for the six months ended June 30, 2026. Total cash paid for amounts included in the measurement of operating lease liabilities, net of tenant improvement reimbursements, was $0.9 million for the six months ended June 30, 2025. For the six months ended June 30, 2026, there were no operating lease ROU assets obtained in exchange for operating lease liabilities compared to $2.7 million for the six months ended June 30, 2025.

Total operating lease and rent expense for the three months ended June 30, 2026 and 2025 were approximately $0.6 million and $0.8 million, respectively. Total operating lease and rent expense for the six months ended June 30, 2026 and 2025 were approximately $1.2 million and $1.6 million, respectively.